Frontier Estates has let its 318,526 sq ft warehouse Celestia in Milton Keynes to food distributor and marketing company Jenks, which wants to expand and consolidate its distribution and head office functions.
It had been in agreement with Gazeley for a purpose built 351,413 sq ft facility at the developer’s Magna Park Milton Keynes scheme, but with the onset of the credit crunch funding for the scheme became too difficult. Frontier let the development on a 15-year lease at a rent of £6.25 per sq ft. A ten-month rent-free and a capital contribution of £500,000 was secured as part of the agreement.
The property had been under offer to Laura Ashley on a freehold basis. Letting agents were DTZ and Burbage Realty.